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Sunday, February 26, 2006

Monday Watch

Weekend HeadlinesBloomberg:- Russia and Iran reached a preliminary agreement on a joint-venture that would allow Russia to enrich uranium for the Islamic Republic and then send it back to the country, citing Iranian Vice President for Atomic Energy Aqazadeh.- Wal-Mart Stores(WMT) said February same-store sales rose about 3.2%, within its forecast range.- Dubai’s DP World will start talks with US government agencies about security at six ports it plans to take over, the company’s CEO said, in a bid to address congressional and state opposition to its $6.8 billion purchase of the harbors’ UK parent.- Google(GOOG) must aid the government in its quest to prevent Internet pornography from reaching minors, the Justice Dept. said in a court filing.- The US dollar is rising to an almost two-month high against the euro on speculation US reports this week will continue to show US economic strength.- Crude oil is falling in NY after an attack on a Saudi Arabian oil plant failed to cut exports and Iran said it may let Russia process its uranium.

Barron’s:- Apple Computer(AAPL) taking over Walt Disney(DIS) may make sense as Apple would be able to meld its media-delivery products with Disney’s “distressed” content and entertainment business, citing Christopher Whalen, an analyst at Institutional Risk Analysis.

NY Times:- More than a dozen US schools are enrolling only high-school-age basketball players who are performing poorly in academic subjects, to enable them to compete in college sports.- Former Enron Corp. Chairman Ken Lay’s wealth has diminished since the collapse of the energy trader to less than $650,000 from more than $400 million, citing personal financial records.- Toshiba Corp. is gaining on Sony Corp.(SNE) in a race to develop the next generation of DVD players, a rivalry that some compare to Sony’s failed bid decades ago for support of its Betamax video format.

AP:- John Bolton, US Ambassador to the United Nations, said that the UN “is deeply troubled by bad management, by sex and corruption and by a growing lack of confidence in its ability to carry out missions that are given to them.”

Washington Post:- Fraudulent e-mails that seem to be from the IRS and seek personal financial information may rise as the April 15 deadline to file tax returns approaches.- About 1.6 million US teenagers and young adults have misused stimulants intended for people with attention-deficit hyperactivity disorder, citing a study published online in the journal Drug and Alcohol Dependence.- Leader of Iraq’s Sunni, Shiite and Kurdish factions met yesterday to condemn recent sectarian violence in an effort to prevent the attacks from escalating.

Rocky Mountain News:- Donald Trump is seeking to build the tallest building in Denver, a 60-story luxury hotel and condo tower.

Earnings of NoteCompany/Estimate(CVC)/unch.(CNO)/.45(DY)/.08(HRL)/.48(LOW)/.80(MRX)/.26(NEM)/.36(UHS)/.48(WRNC).24

Upcoming Splits- (CELG) 2-for-1- (EXP) 3-for-1- (PMTC) 2-for-5

Economic Releases10:00 am EST - New Home Sales for January are estimated to rise to 1270K versus 1269K in December.

BOTTOM LINE: Asian Indices are higher, boosted by gains in base metal shares in the region. I expect US stocks to open modestly higher and to build on gains into the afternoon. The Portfolio is 100% net long heading into the week.

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